Summit Midstream (NYSE:SMC) Reaches New 52-Week Low - Here's Why

Summit Midstream Corporation (NYSE:SMC - Get Free Report) hit a new 52-week low during trading on Thursday . The company traded as low as $31.73 and last traded at $31.78, with a volume of 102222 shares trading hands. The stock had previously closed at $36.81.

Summit Midstream Trading Down 5.5 %

The company has a market cap of $517.21 million, a PE ratio of -2.16 and a beta of 1.92. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 1.20. The firm has a fifty day moving average of $39.92 and a two-hundred day moving average of $37.73.

Summit Midstream (NYSE:SMC - Get Free Report) last released its quarterly earnings data on Friday, March 21st. The company reported ($2.40) earnings per share for the quarter. Summit Midstream had a negative net margin of 23.01% and a positive return on equity of 0.71%. During the same quarter in the previous year, the business earned ($2.12) earnings per share.

Insiders Place Their Bets

In other Summit Midstream news, CEO J Heath Deneke sold 1,000 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $34.67, for a total value of $34,670.00. Following the sale, the chief executive officer now directly owns 266,170 shares in the company, valued at $9,228,113.90. This represents a 0.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 33,052 shares of company stock worth $1,332,996 in the last quarter. 5.30% of the stock is owned by company insiders.

Remove Ads

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Jane Street Group LLC purchased a new position in Summit Midstream during the third quarter worth about $227,000. Barclays PLC bought a new stake in shares of Summit Midstream during the 3rd quarter valued at about $194,000. Geode Capital Management LLC purchased a new position in shares of Summit Midstream during the third quarter worth about $3,313,000. SG Americas Securities LLC bought a new position in shares of Summit Midstream in the fourth quarter worth approximately $159,000. Finally, Graham Capital Wealth Management LLC bought a new position in shares of Summit Midstream in the fourth quarter worth approximately $3,061,000. Institutional investors own 42.97% of the company's stock.

About Summit Midstream

Summit Midstream Corporation focuses on owning, developing, and operating midstream energy infrastructure assets primarily shale formations in the continental United States. It operates natural gas, crude oil, and produced water gathering systems in four unconventional resource basins, including the Williston Basin in North Dakota, which includes the Bakken and Three Forks shale formations; the Denver-Julesburg Basin that consists of the Niobrara and Codell shale formations in Colorado and Wyoming; the Fort Worth Basin in Texas, which comprises the Barnett Shale formation; and the Piceance Basin in Colorado, which includes the Mesaverde formation, as well as the emerging Mancos and Niobrara Shale formations.